option is usually an irrevocable offer which cannot be withdrawn
within the stated period as there is a binding contract between the
"option to buy".
grantee of an option obtains an equitable interest in the property
which can be protected with a caveat. An option must satisfy
all the rules of a contract to be binding on the parties such as the
need for consideration. Generally an option in an interest in
land and therefore, must be evidenced in writing.